I think the article addresses your point nicely. People reportedly see bigfoot
everywhere, all the time. For so many citings, we really should have an abundance of physical evidence, but we just don't.
Giant squid citings however are rare. The infrequent discovery of physical evidence is therefore not particularly troubling. (And before we found any credible physical evidence, the lack of physical evidence was still less troubling than the lack of physical evidence for bigfoot).
(Also not covered by the article: Thanks to sperm whales, who eat the things and sport scars from fights with them, we've actually had credible physical evidence of giant squid for quite some time. As far as I can tell nobody was mistaking these things for abnormally large regular squid since at least the 19th century, and people have been finding credible intact (although dead) specimens of them since about that same time: http://en.wikipedia.org/wiki/List_of_giant_squid_specimens_a...
"Steenstrup wrote a number of papers on giant squid in the 1850s. He first used the term "Architeuthus" (this was the spelling he chose) in a paper in 1857. A portion of a giant squid was secured by the French gunboat Alecton in 1861, leading to wider recognition of the genus in the scientific community. From 1870 to 1880, many squid were stranded on the shores of Newfoundland. For example, a specimen washed ashore in Thimble Tickle Bay, Newfoundland on 2 November 1878; its mantle was reported to be 6.1 m (20 ft) long, with one tentacle 10.7 m (35 ft) long, and it was estimated as weighing 2.2 tonnes.[citation needed] In 1873, a squid "attacked" a minister and a young boy in a dory in Bell Island, Newfoundland. Many strandings also occurred in New Zealand during the late 19th century.")